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Why choose Premium Saver?

Earn bonus interest on savings between £25,000 and £1 million when you leave them untouched for that month.

Exclusively available for our current account customers, aged 16 and over

Get instant access to your savings when you need it.

Summary Box

Account name: Premium Saver

What is the interest rate?

One or more withdrawals made in month: bonus condition is not met

Balance

£1 - £24,999

£25,000 - £49,999

£50,000 - £1,000,000

Over £1,000,000

AER/Gross p.a (variable)

0.20%

0.20%

0.20%

0.35%

No withdrawals made in month: bonus condition is met

Balance

£1 - £24,999

£25,000 - £49,999

£50,000 - £1,000,000

Over £1,000,000

AER/Gross p.a (variable)

0.20 (no bonus paid)

0.60% (includes 0.40% bonus)

0.85% (includes 0.65% bonus)

0.35% (no bonus paid)

Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance. If, for example, you hold £150,000 in your account and you have satisfied the bonus condition, your interest rate for that monthly bonus period will be 0.85% AER/Gross p.a. on your entire account balance.You can find details of the bonus condition in the Additional Information section.Interest is calculated daily and paid on the first business day of the month and at account closure.

Can NatWest change the interest rate?

Yes, these rates are variable. They may be changed for any of the reasons set out in General Term 9.2 of the Savings Account Terms (PDF, 605k), e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down we’ll give you at least 60 days’ notice. If they are going up, we’ll inform you before the change or shortly afterwards. Term 9.2 (PDF, 605k) contains details of the notice we’ll give you.

What would the estimated balance be after 12 months based on a range of deposits?

No withdrawals made in any month: bonus condition is met

Initial deposit amount

£25,000

£50,000

£150,000

Balance after 12 months

£25,150.41

£50,426.66

£151,279.98

Interest earned

£150.41

£426.66

£1,279.98

One withdrawal of £50 made each month: bonus condition is not met for the whole year

Initial deposit amount

£25,000

£50,000

£150,000

Balance after 12 months

£24,449.39

£49,449.44

£149,699.62

Interest earned

£49.39

£99.44

£299.62

These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to interest rates and tiers; and any interest earned stays in the account.

How do I open and manage my account?

Your eligibility

To apply for a Premium Saver you must:

You must be a UK resident aged 16 years or over and already have a current account with us, or apply for a current account with us at the same time.

only have one Premium Saver Account in your sole name, and only one Premium Saver Account in joint names with another person.

You can open and manage your account in branch, online and by telephone.

No minimum deposit is required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

However, to earn the bonus rate of interest in each monthly bonus period, your account balance must be between £25,000 – £1,000,000 and you must not make any withdrawals in that month.

Can I withdraw money?

Yes. No notice is required. You can withdraw money:

in branch

by transfer to any other account based in the UK (online, by telephone or on the mobile app)

up to £250 per day at any cash machine

up to £500 per day (or your ATM card limit, whichever is lower) at any Post Office® throughout the UK

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.

The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking.

However if you make one or more withdrawals in a monthly bonus period, you will not earn the bonus for that month and your interest rate will be lower for that period.

Additional information

The tax treatment may be subject to change in the future and depends on your individual circumstances.

How do I earn bonus interest?

To earn the bonus in each monthly bonus period, your account balance must be between £25,000 and £1,000,000, and you must not make any withdrawals from your account for that month

A monthly bonus period runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month.

Close of business times differ depend on whether you pay in your money in branch, or by using our telephone, online or mobile banking services.

For example, if your account balance is £1,100,000, you will not earn bonus interest on any part of your balance. You will earn 0.35% AER/Gross p.a. (variable) on your entire account balance

What happens if I close my account?

You will not earn bonus interest for the monthly bonus period of closure. The interest rate without bonus will continue to apply up until the day you close your account.

Balance Tiers

Bonus interest only applies on balances between £25,000 – £1,000,000 where the bonus condition is met. No bonus interest will be earned for any day on which your account balance is less than £25,000 or greater than £1,000,000.

Have your statements at your fingertips

We'll send you an email when your statements are ready to view in Online Banking . You can check it whenever you want.

Get off to a fast start

Why not let us do the saving for you? Tell us you’d like a regular payment or an instant transfer to your new savings account in your application, and we’ll do it automatically for you – that’s one less thing to think about. It’s a great habit to start.

Definitions

AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross: The interest rate you are paid without the deduction of income tax.

Do you have Online Banking?

What you need to have

You must be aged 16 years or over and a UK resident to open an account.

Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

Are you ready to continue?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Great. Let's get your application started.

Do you have your account number and sort code?

What you need to have

You must be a current account customer

You must be aged 16 years or over and a UK resident to open an account.

Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

Are you ready to continue?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Great. Let's get your application started.

What you need to have

You must be a current account customer

You must be aged 16 years or over and a UK resident to open an account.

Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.